Luxury fashion distributor MadaLuxe has announced its President, Adam Freede, has been appointed as its new CEO. The company is also opening a new showroom in NY and a second location of its off-price boutique in LA.

"The Cuore" Ferragamo watch - Instagram: @madaluxeMadaLuxe's new CEO Freede co-founded the company with former CEO, Sandy Sholl. Freede's key projects include bringing the off-price concept and watch category to the company, both in store and online. He is tasked with leading the company's growth strategies in the luxury space through strategic partnerships and evolving its infrastructure.

Freede said in a release, "The off-price sector is experiencing faster acceleration in both store count and sales than the North American retail industry overall", explaining that he views MadaLuxe as being positioned to "modernize the off-price market" through offering "affordable, curated items with a steady flow of luxury product."

Former CEO and co-founder Sandy Sholl has been named Executive Chairman. She will continue to oversee retail, e-commerce and marketing in that role.

Sholl commented on her new focus with the company saying, "As the retail industry continues to evolve driven by tech savvy consumers... I will be bringing new experiences to consumers so they can engage with the [brand]."

She noted that MadaLuxe will continue to offer curated product from retail and brand partners both online and in store. MadaLuxe currently imports and distributes full-price timepieces from Ferragamo, Versace and Versus Versace. It is also an equity owner of Haute Hippie,

Since its inception in 2010, the company has grown its retail sales to $200 million. It was founded on the model of providing a distribution channel for excess luxury product from the European market to be sold in North America.

MadaLuxe Group's New York showroom will be a 9,000-square-foot office space and showroom. It is slated to open this spring. Additionally, the company announced plans to open a second location in Southern California for its off-price boutique concept, MadaLuxe Vault. The first Vault opened in LA in December 2017.